Wayne Strasbaugh

Wayne Strasbaugh

Ballard Spahr LLP

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Investment Management Update

SEC Enforcement Action against Private Equity Fund Adviser - On June 1, 2016, the SEC announced that a private equity fund adviser and its principal owner agreed to pay more than $3.1 million to settle SEC charges that,...more

7/11/2016 - Business Continuity Plans Enforcement Actions Financial Sector FINRA Investment Adviser MSRB Municipal Securities Market Pay-To-Play Political Contributions Private Equity Funds Registered Investment Advisors Registered Investment Companies (RICs) Rule G-37 Rule G-8 Rule G-9 SEC Securities Fraud

Investment Management Update - March 2016

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. SEC, FINRA...more

3/25/2016 - Anti-Money Laundering Cybersecurity Derivatives ETFs Exchange-Traded Products Fiduciary Duty Financial Markets FINRA Fund Distribution Investment Management Money Market Funds Mutual Funds OCIE Political Contributions Regulatory Standards Retirement Plan SEC Examination Priorities Whistleblowers

Creating a Social Network of Tax Savings: The Use of LLCs in Structuring Philanthropic and Public Good Activities

The use of a limited liability company (LLC) by Mark Zuckerberg and his wife Priscilla Chan as the vehicle for advancing of “philanthropic, public advocacy, and other activities for the public good” has recently received a...more

12/14/2015 - Charitable Donations Charitable Organizations Limited Liability Company (LLC) Mark Zuckerberg Tax Deductions Tax Liability

Investment Management Update - December 2015

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. Supreme...more

12/9/2015 - Anti-Money Laundering Disclosure Requirements Investment Management Liquidity Risk Management Rule SEC

PA Commonwealth Court Holds NOL Tax Deduction Cap is Unconstitutional, Creating Potential Refund Opportunities

The Pennsylvania Commonwealth Court unanimously held in a 7-0 decision that Pennsylvania's net operating loss (NOL) cap that limits a corporation's ability to deduct NOL carryforwards for corporate net income tax (CNIT)...more

12/7/2015 - Carry Forward Corporate Taxes Income Taxes IRS Net Operating Losses PA Supreme Court Tax Refunds

New Rules Adopted for IRS Partnership Tax Audits

The Bipartisan Budget Act of 2015 signed by the President Obama on November 2, 2015, creates a new IRS audit regime for all entities treated as partnerships for federal income tax purposes, including partnerships and limited...more

11/19/2015 - Audits Bipartisan Budget IRS New Regulations Partnerships

TaxAble: Tax Tips You Ought To Know

A person has phantom income when she or he has taxable income, but does not receive an equal amount of cash. Phantom income is generally dreaded by taxpayers and tax advisers alike. Yet, it occurs surprisingly frequently in...more

5/8/2015 - Business Taxes

Investment Management Update

OCIE Announces 2015 Priorities - The SEC’s Office of Compliance, Inspections and Examinations (OCIE) recently announced its selected list of 2015 examination priorities for investment advisers, broker-dealers, and...more

3/16/2015 - Broker-Dealer Examination Priorities Investment Adviser Investors OCIE SEC SEC Examination Priorities Transfer Agents

Investment Management Update

SEC’s Focus in 2015 - On December 11, 2014, Mary Jo White, Chair of the U.S. Securities and Exchange Commission (SEC), gave a speech at The New York Times DealBook Opportunities for Tomorrow Conference that...more

1/26/2015 - Excessive Fees Insider Trading Investment Adviser Investment Funds Mary Jo White Municipal Advisers No-Action Letters Pay-To-Play SEC Whistleblower Awards

Tax Geek Tips You Ought To Know

In any merger or acquisition, parties incur costs beyond payment of the purchase price. Transaction costs can include compensatory payments (option cancellation payments, bonuses, etc.) and professional fees (legal,...more

1/13/2015 - Tax Planning

Investment Management Update

In This Issue: - SEC Announces First-of-Its-Kind Whistleblower Award To an Audit and Compliance Professional - SEC Issues No-Action Letter To Allow for Amendment of a Sub-Advisory Agreement without Shareholder...more

12/18/2014 - Anti-Retaliation Provisions Auditors Business Development Companies Carried Interest European Court of Justice (ECJ) Hedge Funds Investment Adviser Investment Funds Investment Management MSRB Municipal Advisers No-Action Letters Pay-To-Play PCAOB Puerto Rico SCOTUS SEC Social Media Tax Refunds Volcker Rule Whistleblower Awards

IRS Proposes To Eliminate ‘Confusing’ 36-Month Non-Payment Testing Period for Cancellation of Debt

The Internal Revenue Service recently proposed very well-received regulations under Section 6050P of the Internal Revenue Code (the Code) that would eliminate the requirement for financial entities to treat debt as canceled...more

10/30/2014 - Banks Corporate Taxes Debt Dischargeable Debts Financial Institutions Income Taxes IRS U.S. Treasury

FDIC Issues Guidance on Basel III Capital Conservation Buffer for Subchapter S Banks

A recent Financial Institution Letter provides guidance on the FDIC’s methodology when entertaining requests from banks or savings associations organized as Subchapter S corporations (S-corporation banks) to pay dividends to...more

8/15/2014 - Banks Basel Committee Basel III Capital Controls FDIC S-Corporation

Investment Management Update

In July 2014, the SEC settled the previously reported proceeding involving Chariot Advisors, and its former owner, Elliott Shifman, concerning charges of violating and aiding and abetting the violation of Section 15(c) of the...more

7/11/2014 - 401k Anti-Retaliation Provisions Enforcement Actions ERISA EU Investment Advisers Act of 1940 Municipal Advisers Mutual Funds Sarbanes-Oxley SCOTUS SEC Section 15(c) Settlement TFEU

Supplemental Interagency Guidance on Tax Allocation Agreements

The federal bank regulators recently issued additional guidance on intercompany income tax allocation agreements between holding companies and their depository institution subsidiaries. Intended to clarify the ownership of...more

7/8/2014 - Bank Holding Company Banking Sector Banks Consolidated Tax Returns Nonbank Firms Subsidiaries Tax Allocation Agreements Tax Refunds

Treasury Extends FATCA Compliance Date, Announces Other Amendments Affecting Foreign Banks

The Internal Revenue Service (IRS) recently announced in Notice 2014-33 that 2014 and 2015 will be transitional years from an administrative and enforcement perspective regarding the implementation of the Foreign Account Tax...more

5/13/2014 - Amended Regulation Compliance FATCA FFI IRS U.S. Treasury

Investment Management Update

Following two recent cases involving investment advisers and social media, the SEC recently issued guidance regarding whether the publication of comments about investment advisers on social media sites would violate those...more

4/29/2014 - Fraud Investment Adviser Investment Advisers Act of 1940 SEC

Significant Pennsylvania Tax Changes

The General Assembly made significant changes to a number of Pennsylvania taxes as part of the 2013-2014 budget process. These changes were enacted in Act 52, signed into law on July 9, 2013, and have various effective dates....more

7/17/2013 - Corporate Net Income Corporate Taxes New Legislation Tax Loopholes Tax Reform

IRS Approves New Rules To Minimize Taxes Related to M&A Transactions

The Internal Revenue Service recently adopted long-awaited regulations intended to provide a new means of minimizing taxes in M&A transactions. The newly adopted regulations take effect on May 15, 2013, under Section 336(e)...more

5/14/2013 - IRS

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